Fort Lauderdale Home Sales Report June 2024
Welome to the June 2024 Fort Lauderdale Real Estate Market report. Data presented here will be for single family home buyers interested in moving to Fort Lauderdale, those selling a home in Fort Lauderdale, those interested in Fort Lauderdale Real Estate, or anyone looking for a Fort Lauderdale Realtor.
All data will come from the multiple listing service (MLS) and cover the period of May 1 2024 through May 31 of 2024.
Let’s dive right in here with Median Sold Price of homes in Fort Lauderdale:
$580,000, up just shy of 11% month over month. Down sharply since March. Keep in mind that we have a smaller number of sales (sample size) and everything from homes for sale on Las Olas Isles, to Riverland Village, to Coral Ridge are all lumped in together here. So take this with a grain of salt if you will.
Total number of homes sold in Fort Lauderdale :
Total number of homes sold in Fort Lauderdale is up almost 15% month over month. Up from 173 sales last May to 197 sales this May. I want to point something out here. Median pricing is down, but the total number of sales are up. To me that says Buyers are eating up the lower priced property inventory, not the high price point stuff. That’s how you get these diverging numbers.
List to sales price:
The list to sales price in Fort Lauderdale homes for sale seems to be heading down, but level from this time last year just above 95%. The higher this gets, the less negotiation that is taking place. The lower it gets the more Sellers have had to reduce price and negotiate off their original asking prices. Absolutely something to keep an eye on.
Days on market:
The days of market are going to be the number of days a home is actively listed before going to pending sale. This is not how long it takes to close, just to go from active to pending. This is an incredibly important metric to watch. Buyers want longer days as it means they’re not pressured to make a quick decision, Sellers want shorter days. We’re at 43 days on market and possibly heading down? From 56 days in the beginning of the year. So that is a positive development for Sellers. Interesting to watch that’s for sure.
Median price per square foot:
Median price per square foot of Fort Lauderdale homes, a bit down from last month but still on the high side of the chart. I’ll keep saying this, this is logical. Why? Because the good stuff is selling. Buyers want Sellers to have done the renovations before the home hits the market, they don’t want to do the renovations themselves! This is a shift from the make it your own thing a few years back.
Total dollar volume of Fort Lauderdale Condo and Townhome Sales:
Total dollar volume for home sales in Fort Lauderdale is up just shy of 5% month over month. So to recap we’ve got median price down, total sales up, total volume up. Again, that says to me there’s more selling at a lower price point which pushes total volume up. This is to say it’s good to be a Seller on the lower end right now, it’s harder to be a Seller on the higher end.
Months of inventory
Months of housing inventory in Fort Lauderdale looks to be favoring Buyers, slightly. Of course it’s going to depends on what price bracket you’re in. Year over year supply is up over 20%, meaning Buyers now have 20% more choices vs this time last year when home shopping. Less inventory is good for Sellers and bad for Buyers. This is incredibly important to keep an eye on!
